REALTORS® Federal Credit Union Makes Gains

Following a soft launch on May 1, the REALTORS® Federal Credit Union jumped to more than 200 members thanks to its presence at the 2009 NAR Midyear Legislative Meetings & Trade Expo. In addition, Thomas Glatt, CEO of REALTORS® FCU, discussed the organization’s future plans in a speech given at a member benefits forum on Wednesday.

“I cannot think of a better time to be starting a better time to start a credit union for a better group,” he said. “I can’t think of a group that needs a credit union more than REALTORS®.”

There are a couple of unique aspects of the new institution. First, it’s the world’s first entirely virtual, credit union, Glatt said, with no physical transactions whatsoever.

“If you ask us where our nearest branch is, the answer is your computer,” Glatt said.

Right now, REALTORS® FCU offers members free, no-interest online checking accounts. Phase II initiatives — including high-yield checking and money market accounts, as well as member business loans — should roll out before the end of the year, Glatt said.

“We’re in it for you guys,” he said. “We want to be your primary financial institution. That means if you need something, you’ll call us first.”